Meme-based cryptocurrency Dogecoin (DOGE) surged 13 percent in the last 24 hours and its price began to approach the $0.30 mark.
What Happened: As of Monday morning at publication, DOGE was trading at $0.2804 and its market cap exceeded $37 billion. The coin recorded a 231.63 percent uptick in daily trading volume which stood at $3.69 billion.
The most significant price action occurred around 3 a.m. EST when the coin surged 8 percent over a span of 30 minutes.
DOGE’s price rally follows a large value transfer that took place on the network three hours prior. According to data from Blockchair, a whale wallet transferred 3.7 billion DOGE tokens worth over $997 million across the blockchain at 11:47 p.m. EST on Sunday.
The total fee paid for the transaction was 25 DOGE which amounted to $6.70 at the time.
The transaction also represented the single largest crypto transaction sent in the last 24 hours.
In terms of overall market sentiment for DOGE, social-insight tracker LunarCrush recorded a 28 percent decline in social volume for the meme-based cryptocurrency in the last week.
The coin’s volume on Reddit was down by 100 percent while mentions on YouTube were down by 50 percent.
According to on-chain analytics tool Santiment, meme-coins like Dogecoin, Shiba Inu (SHIB), and Dogelon Mars (ELON) tend to rally after low levels of attention from crowds.
By Samyuktha Sriram
© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.
